BetMGM solidifies number two position as H1 revenue hits $357m
Brand reports 22% market share in sports betting, rising to 30% for igaming during first six months of 2021
BetMGM hailed record customer numbers during H1 2021 when the operator achieved net gaming revenue (NGR) of $357m.
Reporting its first-half results, the Entain and MGM joint venture cited March Madness as spurring the spike in customer acquisition, coming despite a “seasonally quiet” sports calendar.
BetMGM NGR rose by 19% quarter-on-quarter to $163m. The firm told investors it now enjoyed 22% market share in US sports betting, rising to 30% in igaming.
During the first half, BetMGM launched sports betting in Michigan, Iowa and Virginia, as well as around the Nationals Park in Washington DC, whilst also adding igaming in Michigan.
“Depending on the rollout of state regulations, BetMGM expects to be operating in around 20 jurisdictions, representing 33% of the US adult population, in the next 12 months,” Entain said.
“In addition, significant progress is being made to legalize sports betting and igaming in Canada and BetMGM expects to be active in that market when it opens,” the firm added.
Approximately 15% of new BetMGM players in Q2 also utilized the MGM M Life loyalty program.
“With a strong performance in the first half and an encouraging outlook, BetMGM remains on track to deliver its expectation of over $1bn of NGR in 2022,” Entain explained.
“BetMGM is well placed to achieve a long-term market share of 20%-25% in a North American online sports betting and igaming market that we estimate will be worth around $32bn over the long term,” it added.
At a wider group level, Entain reported a 27% constant currency uptick in H1 online net gaming revenue (NGR) to £1.59bn.